The Following Information Is Available for George Company at March

question 29

Essay

The following information is available for George Company at March 31:
• Adjusted bank balance as of March 31 was $6,450.
• Outstanding checks totaled $850.
• A customer's check for $260 was returned due to nonsufficient funds.
• March's service charge was $25.
• Bank collected an account receivable of $1,550.
• A new bookkeeper had the following errors:
• A deposit was shown on the bank statement as $965,when the deposit ticket was correctly totaled to be $695.
• Deposits made at month-end totaled $4,516; these were not shown on bank statement.
Prepare a bank reconciliation to determine:
(1)the balance per bank at March 31 before any reconciling items,
(2)the balance in the Cash account at March 31 before any reconciling items.

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Definitions:

Structuralism

An approach in psychology that seeks to understand the structure of the mind by analyzing the basic elements of thoughts, sensations, and perceptions.

Simplest Units

The most basic elements or components from which something is formed.

Mind

The element of a person that enables them to be aware of the world and their experiences, to think, and to feel; the faculty of consciousness and thought.

Functionalism

A perspective in psychology and philosophy that considers mental life and behavior in terms of active adaptation to environmental challenges.